Proxy fight could be brewing at Tenet Healthcare
Glenview Capital Management, the largest shareholder in Tenet Healthcare, said it may push for a sale of the company or new leadership after two of its representatives, Randy Simpson and Matt Ripperger, quit the Tenet board over “irreconcilable differences.”
As the Dallas Morning News reports, Glenview owns about 18 percent of Tenet, a stake worth about $225 million as of last week. Having two representatives on the board limited what it could do, like buying or selling stock or engaging in a proxy fight—options soon to be available after the resignations.
“It makes me wonder what the boardroom discussions have been like the past few weeks,” said Sheryl Skolnick of Mizuho Securities. “It’s rare that shareholders go on the board to begin with. And it’s even more rare that they have these kinds of public disagreements and resign.”
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John joined TriMed in 2016, focusing on healthcare policy and regulation. After graduating from Columbia College Chicago, he worked at FM News Chicago and Rivet News Radio, and worked on the state government and politics beat for the Illinois Radio Network. Outside of work, you may find him adding to his never-ending graphic novel collection.